Saudi Arabia's crude oil exports reached a three-month high in September, driven by a significant reduction in domestic oil consumption for power generation. The kingdom exported 5.75 million barrels per day, an increase from August, as it shifts towards using gas for power. However, declining demand from China, a key market, poses challenges, leading Saudi Aramco to cut official selling prices to Asia. Despite maintaining production under 9 million bpd in line with Opec+ cuts, the global oil market faces potential surpluses due to reduced Chinese consumption and increased non-Opec production.

Masdar, a UAE clean energy company, in partnership with GD Power of China and Korea Electric Power Corporation, has secured a contract to develop a 2GW solar project in Saudi Arabia's Al Sadawi. This initiative is part of Saudi Arabia's national renewable energy program, aiming to generate 50% of its electricity from clean sources by 2030. The project is expected to supply power for 25 years starting in 2027. Saudi Arabia plans to invest over $180 billion in renewable energy, with a target of 130GW capacity by 2030. Masdar, jointly owned by Adnoc and Mubadala, aims to achieve 100GW of renewable energy capacity worldwide by 2030.

Egypt is set to launch a Mining Portal to boost investment in its mineral sector, aiming to exploit untapped resources in the Western Desert and other regions. The initiative is part of broader reforms in the energy sector, which has traditionally focused on oil and gas. The government is addressing challenges such as declining foreign investments and overdue payments to international oil companies. The reforms include plans to drill 600 exploratory wells by 2030, with a $7 billion investment, to meet growing energy demands and enhance production.

The head of the International Energy Forum, Joseph McMonigle, anticipates that Gulf states will benefit from Donald Trump's election victory through strengthened relationships, strategic advantages, and increased investment. Trump's administration is expected to focus on stabilizing the region and targeting Iran's oil exports, viewing Iran as a source of regional instability. Despite Trump's support for oil and gas production, McMonigle suggests that US oil companies will not increase production due to market realities. The incoming administration is likely to lift the ban on new LNG terminals, impacting Middle Eastern LNG exporters. Opec has cut its global oil demand growth forecast for the fourth time, reflecting a bearish market mood.

Saudi Arabia's Neom green hydrogen project, led by the Neom Green Hydrogen Company, is progressing well and is expected to be fully operational by the end of 2026. The $8.4 billion joint venture, involving Air Products and Aqwa Power, aims to produce 600 tonnes of carbon-free hydrogen daily, converting it into 1.2 million tonnes of ammonia annually for global markets, including the EU. The project is part of Saudi Arabia's broader strategy to lead the hydrogen economy, supported by the Public Investment Fund. Despite challenges like high costs, the abundance of renewable energy resources in the region is seen as a competitive advantage.

The UAE and China have announced a $3 billion co-investment in renewable energy projects in developing countries, facilitated by a memorandum of understanding between Masdar and the Silk Road Fund. This collaboration aims to advance the global energy transition, with Masdar targeting 100 GW of renewable energy capacity by 2030. The initiative is part of China's Belt and Road Initiative, which involves infrastructure and trade investments across numerous countries. Masdar's CEO, Mohamed Jameel Al Ramahi, emphasized the partnership's role in promoting sustainable energy solutions.

Donald Trump's anticipated second term as US president is expected to see a significant tightening of sanctions against Iran, resuming the 'maximum pressure policy' aimed at curbing Iran's oil exports. Experts, including Robert McNally and Hasan Hafidh, predict stringent measures that could impact global oil markets, particularly affecting Iran's economy and its oil trade with China. The rial has already slumped in anticipation of these sanctions. Trump's administration may also impose secondary sanctions on China to deter Iranian oil imports. The article highlights the geopolitical tensions and economic implications of these potential policies.

Adnoc Gas is exploring international mergers and acquisitions to meet the anticipated strong demand for liquefied natural gas (LNG) over the next decade. The company plans to increase its capital expenditure to $15 billion by 2029, focusing on expanding its LNG export capacity, including acquiring a significant stake in the Ruwais LNG plant. Adnoc Gas reported an 11% increase in net income and an 8% rise in revenue in the third quarter. The company forecasts significant growth in its processing capacity and Ebitda by 2029, driven by new gas projects and increased oil production capacity in Abu Dhabi. The Asia Pacific region is expected to be a major contributor to global LNG demand, with data centers and artificial intelligence driving growth.

Africa aims to increase its renewable energy capacity to 300GW by 2030 and 700GW by 2040, but faces significant financial challenges, needing $1.3 trillion to meet its goals. Currently, only $30 billion has been secured. The continent's renewable energy mix is the highest globally, yet many Africans still lack access to electricity. Investments are crucial, with countries like Morocco and Egypt offering incentives for clean technologies. Gulf countries, particularly the UAE and Saudi Arabia, are major investors in Africa's renewable sector. Companies like Acwa Power and Masdar are making significant commitments to boost Africa's clean energy capacity.

The article discusses major developments in the oil and gas sector in the Gulf region in 2023. Saudi Aramco is advancing the second phase of the Jafurah Basin shale gas project in Saudi Arabia, which is expected to yield significant gas over the next century. QatarEnergy has signed extensive agreements with international companies for LNG supplies from North Field East and South, with Qatar set to significantly increase its LNG export capacity. In the UAE, Adnoc has made substantial investments in sour gas development and a low-carbon LNG project. Iraq's Ministry of Oil is focusing on gas exploration and has signed a major deal with TotalEnergies. Additionally, the International Court of Arbitration ruled in favor of Iraq in a case against Turkey regarding a pipeline transit agreement, leading to a temporary shutdown of the pipeline and a drop in Kurdistan's oil production.